Generally accepted wisdom in business for years has been to focus on one thing and do it well. And in many cases that may well be true.
Yet the business world of today – particularly small business - is vastly different than that of even 5 years ago. And smart people are looking to diversify.
Having several income streams seems to be the way to go.
So how to do this without falling into the trap of being all things to all people?
Find complementary sources of income that enhance your business and your bottom line. Look at ways to add value to your clients and in the same breath add extra income. What other services could you add without substantial disruption or expense to your existing business?
Let me give you an example!
A marketing consultant I know looked noticed that his income was falling because, in these tough times, people were not using outside consultants as much despite the quality of his advice.
So he looked for other services that he could supply to his existing clients without totally changing the focus of his business.
Result? He now offers two new product related services, both of which bring in a part time income, but which add value to his business and his bottom line.
New ideas abound, particularly in the creative minds of Australians.
Question is, are you looking and will you see them when they cross your path?
